Best Quote Ever
Alright, maybe not ever, but it’s pretty good; from Monday’s Financial Post: “Prices remain stable, perhaps maddeningly so for the legions of bubble mongers,” said Douglas Porter, chief economist at BMO Capital Markets.
Yes, thanks to some new data from the Canadian Real Estate Association, there seems to be a turn in public opinion as to whether or not Canada’s in the midst of a housing bubble. More rational discourse has replaced the nearly-apocalyptic cries of some who still expected our country’s real estate market to follow the United States’ lead into a precipitous plunge.
Instead, we’re seeing healthier-than-expected growth, not just in Alberta, but nationwide. With a new Bank of Canada governor being installed, there’s the possibility of some minor policy shifts from the rockstar tenure (at least by banking standards) of outgoing governor Mark Carney, but I doubt any drastic moves will be made. They just don’t need to be. Household debt is a perennial problem, sure, but it’s not aggravated by an appetite for increasingly expensive homes; by and large, Canadians don’t especially care for being house poor.
I’m certain Alberta will continue to lead the country in home sales and rising property values, as we stand to be Canada’s turbocharged economic engine for some time to come, but it’s nice to see the rising tide lifting all of the ships, to mix some metaphors (unless the turbocharged engine was on a speedboat… Yeah, that’s it!).
Tags: alberta housing market, alberta real estate, bank of canada, BMO capital markets, calgary housing market, calgary real estate, canadian housing market, Canadian Real Estate Association, Douglas Porter, Financial Post, mark carney, rising property value
